Time’s owner Meredith Corporation is selling its flagship title to Marc and Lynne Benioff for $190 million, reports the Associated Press. To be clear, the purchase is by the Benioffs and not his company, Salesforce. Announcing the sale, Meredith said that the Benioffs would not be involved in the editorial decisions of the magazine and that those decisions will continue to be made by Time’s current executive leadership team. In an interview with the Wall Street Journal, Benioff said:
“We’re investing in a company with tremendous impact on the world, one that is also an incredibly strong business. That’s what we’re looking for when we invest as a family.”
Meredith originally put Time up for sale in March, along with three other titles: Fortune, Money, and Sports Illustrated. However, Benioff says he is not looking to buy other titles from Meredith. The Time deal is expected to close within 30 days, and when it does it will be the latest purchase of an iconic publication by tech elite. In 2013, Amazon’s Jeff Bezos bought the Washington Post, and last year Laurene Powell Jobs acquired a majority stake in the Atlantic magazine.
The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all. A treasure trove of our history & culture. We have deep respect for their organization & honored to be stewards of this iconic brand. https://t.co/TsbcXhO1OU
— Marc Benioff (@Benioff) September 16, 2018